Uber's very bad year has gotten worse - its loss widened in its most recent quarter
Uber has had a rough year. It faces numerous legal challenges, including a bitter and damaging lawsuit with Waymo, a Google spinoff; its board has been racked by infighting; and an internal investigation revealed a toxic workplace and led to the departure of numerous executives and employees.
Amid all the bad news, the company has had one positive thing it could point to - its financial results. Although it was still posting big losses, those losses were shrinking, even as its revenue continued to soar.
Well, Uber no longer even has that to rely on. Although its revenue and bookings - the amount of money consumers pay for rides on its service - continue to grow on a year-over-year basis, its loss grew much wider in its most recent quarter, as we can see in this chart from Statista, which is based on data from Bloomberg. The company's worsening bottom line is bad news, especially with the company reportedly aiming to hold an initial public offering in less than two years.
Mike Nudelman/Business Insider
- DBS Bank’s custom financing leads the way for companies trying to reach net-zero goals
- Google to open its new office in Pune this year, will hire cloud technology experts
- The world's 5 richest tech tycoons — including Elon Musk, Jeff Bezos, and Bill Gates — have already lost about $85 billion this year amid a brutal market sell-off
- AdEx zooms 37% despite Covid II: Madison report
- Coimbatore turns Tamil Nadu's COVID-19 hotspot as the positivity rate surges to 26%
- Darwinbox, which helps Adani Group with its HR needs, is the third unicorn of 2022
- Researchers have developed a cheaper COVID-19 test that claims to deliver results in less than 20 minutes
- Bitcoin recovers with equity markets, but altcoins are still struggling to find a bottom